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...A US bank executive said the meetings had been well received by local employees, though senior leadership were surprised that the prime minister’s office was contacting the business on geopolitical matters...
...Profits at US bank Wells Fargo fell in the first quarter, in a sign that the benefits of high interest rates are waning for the big lenders....
...Other top banks Citigroup, JPMorgan Chase and Wells Fargo also recorded drops in lending in the first three months of the year as they revealed results late last week....
...JPMorgan Chase, Bank of America, Wells Fargo and Citigroup collectively made $253bn in net interest income (NII) for the whole of 2023 — a 19 per cent jump from 2022’s total....
...Earnings at Wells Fargo jumped 9 per cent in the fourth quarter, despite an increase in loan loss provisions, as the US bank cut costs....
...The election was overseen by the National Labor Relations Board. “We respect our employees’ rights to vote for union representation,” Wells Fargo said in a statement....
...Scharf, who took over the top job at the bank in 2019, has been focused on getting that cap, which has been a significant drag on Wells Fargo’s operations, removed....
...Over the past two years, big banks such as JPMorgan Chase, Bank of America, Citigroup and Wells Fargo charged more for loans in lockstep with the Fed lifting interest rates, without passing on the increase...
...Former Wells Fargo chief executive Tim Sloan, who led the bank’s early efforts to address a burgeoning fake accounts scandal, has sued the lender for more than $34mn over its decision to cancel stock grants...
...A source close to Wells Fargo said that some of the cuts would not happen until sometime in 2024....
...The 12 large cap banks followed by Morgan Stanley analysts, including PNC, JPMorgan Chase, Bank of America and Wells Fargo, now have more than $180bn of excess common equity tier one capital — a record high...
...Citi and Wells Fargo also recorded drops in lending. The pullback in lending hit JPMorgan Chase particularly hard....
...Wells Fargo bank analyst Mike Mayo said it made sense for banks with healthy levels of capital to return money to shareholders when profits were high....
...But banks are finally having to pass on higher savings rates to depositors, according to JPMorgan and Wells Fargo, which also reported earnings....
...Look out the first of the large financial groups reporting their results, including JPMorgan, Citi, State Street, Wells Fargo and BlackRock on Friday....
...But it jumped 34 per cent at JPMorgan to $89.7bn, more than double the increase of the next bank, Wells Fargo, which reported a 16.5 per cent rise....
...The US has eight G-SIBs: JPMorgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street and Wells Fargo....
...Wells Fargo reported a 60 per cent increase in profits in the third quarter, as the bank continues to benefit from higher interest rates....
...When regulators hit Wells Fargo with an unprecedented asset cap in 2018, executives told analysts and investors that it would be lifted in a year or so....
...Neither the monster national players (JPMorgan Chase, Bank of America, Wells Fargo, Citigroup) nor the regionals (PNC, M&T, et al) have had much to say about the economy’s effect on credit quality....
...Despite this, in recent days executives from the country’s four largest banks — JPMorgan Chase, Bank of America, Citigroup and Wells Fargo — said during earnings calls that consumers were resilient....
...Wells Fargo has partnered with asset manager Centerbridge to launch a $5bn private credit fund that will lend to midsized US companies, as banks race to find a toehold in the rapidly growing private credit...
...At the end of last year, the government sold stakes in National Bank, Eurobank and Alpha Bank. Greece is an unlikely market darling....
...Wells Fargo has partnered with asset manager Centerbridge to launch a $5bn private credit fund that will lend to mid-sized US companies, as banks race to find a toehold in the rapidly growing private credit...
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